Goldman Sachs Warns S&P 500 Might Not Bottom Until 2,000
- Equity strategist Kostin sees at least another 10% drop
- Sell-off could get to 41% if economic fallout deepens
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For investors asking whether Friday’s stock rally marked the bottom of the current rout, Goldman Sachs Group has an unpleasant answer: not yet.
The firm’s U.S. chief equity strategist, David Kostin, says the S&P 500 will likely head back down by almost 10% in the next three months to 2,450. And if the economic fallout from the spreading coronavirus deepens, the rout can take stocks down another 26% from Friday’s close to 2,000. That’s 20% lower than the bottom he called just last week.